I would like to be able to enter into the Monzo app the list of my debts, including the debtor and the amount I still owe. Then I would like Monzo to automatically update this as and when I pay the monthly amount, and then let me know when the final payment might be. In the future, it could also be linked directly to loan companies and credit cards so it could “intelligently” suggest where to prioritise the amount of money you have budgeted for total debt. i.e, If I ever have £50 left over, Monzo could suggest that I pay the debt that has the highest interest rate. all the intelligence aside, I cannot be bothered to record every payment I make to creditors each month on a spreadsheet any more! (neither do I want to use an app if I have to enter manually)
YNAB actually have this done quite well, which could probably be done via a spreadsheet too. I’d love Monzo to do this, as a central finance app, though I suspect this isn’t their short term plan right now.
Hi. Welcome.
If you had Monzo Plus/Premium, you could sort of create it yourself as the Google sheets export will show what you’ve paid off and to whom.
Slightly more complex to calculate the interest if there is any, but doable I expect.
This would be a nice thing to roll into manual accounts in Plus and Premium.
This is how I use my plus account: along with open banking and a fairly robust spreadsheet it’s literally transformed my whole relationship with money (positively).
A tool that in effect lists all accounts, interest rates and balances lets you simulate clearing/defaulting/removing/adding debt would be helpful - maybe showing you the effect on your credit score/affordability/duration and cost of interest etc?
I think this is a great idea, it’s certainly one way to keep on top of your finances going a long way to help you plan for the future.